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Stossel

News/Business. (2012)

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01:00:00

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Virtual Ch. 130 (Fox Business)

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mpeg2video

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ac3

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704

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480

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Us 5, Goldman Sachs 4, America 3, Facebook 2, Sandy 2, Ted Turner 2, Hollywood 2, Dvd 1, Milwaukee Brewers 1, Varo 1, Guinness 1, Irport 1, Earlyn 1, United Nations 1, Rockefeller 1, Berkshire Hathaway 1, Micrfinance 1, Ba 1, Newsmen 1, Becom 1,
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  FOX Business    Stossel    News/Business.  (2012)  

    December 22, 2012
    1:00 - 2:00am EST  

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concerned. no doubt the average folks at home who have been cutting back more inclined to hang onto their wallets. they don't know what will happen. thank you congress. thank you mr. president. >> it is charities'season.
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makes us feel good to give. that is why there is a concert for storm victims. a bit greedy businesses ted turner did not like that idea. >> there is nothing more to say list. >> good by. >> now there are new ways to give to charity. >> where should you give? tonight. >> what does charity mean to you? the media obsesses what
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celebrities do and big stars raised more than $30 million for the hurricanes and the victims but this is not charity is most know it but quieter purpose 64% give almost $1,000 to their church the most common form followed by schools and then those meant to help the poor. had you know, they are legitimate? madonna raising money spent $3 million but had nothing to show for it but a nice car and a golf membership. most don't do that but had you know, ? melissa helps to give away $3 billion with rockefeller philanthropy advisers recommend using the profit
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motive to help jailed teen-agers go straight the profit motive? >> macbeth. >> we also happily accepted nations but goldman sachs has issued a special impact bond and we are the lead recipient. >> this means that goldman sachs puts up $10 million and says we think your group can help young concts not to repeat. >> those who know how to take on risk effectively look at the model and if it works they get money back with a return or they lose a significant portion.
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>> they looked at your group they think you can help and if it works, they will pay goldman sachs back plus 20 5%??3 >> the measure is if they go back to jail. >> you have given away $3 billion? >> is thisn exciting new development? >> and exciting new way how philanthropy can make change have been busy the traditional are hoping for the best corps as a way to use money for social benefit there is a range of options. >> used to hope for the best. now they want a new meurement?
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>> a sense that the money achieves results and they want to see things hppen faster. >> and more is going on? there is a competition. look at me i do good. >> it is a virtuous cycle. almost as a global culture of giving among the top echelon. john: of "forbes" 400 list? >> exactly. we throw it against the wall to see if it sticks. john: you do something else? >> we give awards to social entrepreneurs. we focus on organizations working outside of
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government because we feel societe has more flexibility ban government contractors. charities used to be independent but now are contractors to the government. that is all you need the social impact bond to hold them accountable. john: would rather use the money than government but government is capture >> ben taxpayers want to know they get something for it to. recently these agencies have a good cause. that is different of kids not going back to jail. john: mark zuckerberg maybe feeling guilty gave $100 million to the new work public-school system.
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i see that it throws a down the drain giving it to the union's who ruined it in the first place. >> don't fund the problem. find the solution. that means if you see something terrible of the world, poverty you have to say our not just give money to anti-poverty but give money to organization and has a way to tackle the issue. john: how do know will work? goldman sachs puts up their own money. john: you will give them yoga and meditation therapy? it sounds like nonsense. >> think of the people of connecticut they have been and trma. it could be bevioral therapy that is what we talk about.
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it is remarkable what can be done. john: what is goldman bent $10 million? >> alatas studies on this specificintervention says it works well for this 6318 population that is being treated as adults in the adult jail. john: you have volunteers in this did in vermont? >> good ideas with ths of what we're talking about i hope this comes out good but a good idea is spread because they want to start their own versson so volunteers in medicine say free clinics can help those without insurance as well as obamacare. now there are 92 free clinics. after 15 years.
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it is not a media. 100 years ago we had a lot of immigrants and settlement houses across the unted states. they copied each other it was not located through department of hhs but they raise their own money. this process can still go on. we can encourage it. >> now with a sophisticated website you can see where the money goes? >> you have better indicators. not just how the money is spent but the results. john: there are these rating agencies, better business varo, they just say 95 percent goes to the program but it could be stupid. >> yes. the bigger the organization
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the mark the economies of scale. and the smarter the pern the better they can allocate expenses. and then look at the budget. now look athe social impact exchange it is call social impact 100 looking at education and, health, poverty, to find the best organization. >> your group is on their list? >> you had to be nominated. you could not apply. will get the results. >> as people talk about it. they would say we have a
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goal. even that modest pretense sets them apart from those that have a good cause. >> who gives more charity? conservatives or liberals? conservatives wartime, more money and to more blood. thank you.
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[applause] john: america has more than 400 billionaires'. i say they are cheap because until recently they did not give a lot to charity. 1997 ted turner promised to donate $1 billion to the wind. united nations? they squandered mone
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if business tycoons do more for the world than two reinvests of the business creates jobs and wealth for everyone. why is giving away better? >> why not do both? john: i am happy if bill gates gives nothing. >> this is why people don't like newsmen. i know your dirty tricks. there is nothing more to say. good by. i of walking off the set. [laughter] john: it is true that businessmen like ted turner to the right thing. says your on broke from the ayn rand institute. how did they become a billionaire?
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creating a product service to benefit everybody we know because it pays -- repay for it. we get more value than what we give up. bill gaes has improved hundreds of millions of lives he has touched every human being. >> to also employ people that charity keeps on giving. >> you pay employees but they are better off. wh about the companies that provided software based on that platform? with those th use the software that becom more
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productive or efficient? if you think of the multiplier effect, a 50 billion for bill gates? that is nothing compared to the value he has added to the world. >> he is spending billions applying critical thinking skills to charity. and then to dump it when it doesn't work. >> could he have reinvested more money? i don't know. >> it is his money he has the right to. but he gets credit for not the jobs and wealth he
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created he gets no credit for that. he i considered a a greedy businessman despite the hundreds of millions because he benefited at the same time. he shifts to charity then he is suddenly good. he will do a lot less good that we as a society value not the creation, accumulation of wealth which is what america is about, is that what is uniquely important? no. charity is fine. >> you went to an awards sayre may the ceremony with a lifetime achievement award.
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they dedicate hose one-minute to those nine minutes to community service. the benefit these businesses have provided but also their own lives the reason they should feel-good about their life is the happiness comin from their work. philanthropy is fine. give us nine minutes for the effort for the struggle. that is what they should get to the accolades for. >> for those other billionaires said that were cheap he said he thought ople should give more.
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>> warren buffett is wonderful will give it all away when he dies. he could live 30 years. he should give away some now. john: said he enlarges berkshire hathaway? >> a phenomenal investor. he should be investing. he is creating real wealth and get congratulations for a job well done. >> instead they launched a giving the list. give when you die i will work -- they have signed up petition to give away at least 50%. >> it is the guilt they feel.
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it is wrong to feel guilty about their success to feel like they need to give back. is the way bill gates that is objectionable. john: what about rockefeller? he got so rich. >> the richest man in history. >> he gave us light. the life of an american before rockefeller then there was nothing you could do. most could not afford it to lower the price and then you have a light look at of
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benefit of humanity. of what individuals got and yet he is portrayed as an evil monster. >> he could have saved the whales. >> he made the internal combustion engine possible. we'll was so cheap because of rockefeller now it was economical. john: your kids will not hear that. [laughter] coming up a new way to fund all kinds of things.
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of aboya club that got clap and. john: when i give to charity and wonder in his money really helping people? or is it a bureaucracy? middleman? a new roof way of fund-raising addresses the worry and new group connects americans those who are in poor countries this former in the philippines asks for to under dollars to buy fertilizer for her farm this woman asks for a loan to expand hurt business to sell bags assault it sounds nice who keeps track of the money? how do i know would goes to those people? will lie get paid ba? the founder joined us from san francisco.
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had rino which cannot get scammed? >> we spend our me making sure the loans on the website are legitimate. we do it through three methods. we find local field partners to make sure their legitimate organizations they are the business plans of the men and women. a farmer inhe philippines trying to buy a cow for a dairy business they getn the website from the local field partner. then there audited to make sure it is true. if not, then we shut them down. as you get to repaid you know, the business has
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earned enough money to pay you back. then you can withdraw the money back or landed to another entreprenuership. john: looking at the distance i would assume most do not get paid back? >> over the last seven years repayment is an 98%? that is hard to believe. why? >> the poorest people on the planet, a 2.5 billion the wonders served by the banks don't have collateral or credit scores. but they have friends and neighbors and self select and to a group of women, over 80 percent go to women the mud they pick
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people that they trust. if one of the eight women the cowed dies the others will ship been to cover the loan because their future loans depend on gettingore money. that is with micrfinance with the working poor to get access to capital it is our lifeline out of poverty. they know they can get access to future lonesome payback. john: you started it in 2005 already hundreds of millions of dollars. 850,000 lenders. thank you premal. kickstart uses a similar concept to find anything.
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people post projts, ideas projects, ideas, the and films. >> the feature film. >> stop motion animation. >> a video album. john: do they get money? >> $200,000 after posting he founded to make a documentary on fracking for natural gas. >> almost one-quarter of a million dollars. john: you want to make a movie why? >> the story of fracking is not being told. john: it is wonderful. it has or prices and reduced pollution. >> yes. people don't know that. it is not told in the
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hollywood documentary. john: go to hollywood and asked. [laughter] >> if there is your answer. [laughter] i did it take starter out of desperation to say the enemy is not a big business but big environment. they just laugh. john: instead they make a movie called promised land that says fracking is evil >> yes. matt damon will tell you fracking should be band. and the heartland knows it is good for their community. their story had to be told. i asked the people of america and they did. john: buy give you $1 my name is inthe credit?
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$20, dvd. $125 a film poster. this motivated people? >> anybody who gave $1 is the executive producer. [laughter] this is a film by the people for the people it allows the documentary movement to kick starter -- kicks starter. no longer can hollywood say what is a documentary. people out there, but kicks starter has closed. it is fantastic. john: good luck with your movie. i hear that mark cuban bought it? >> it will be on access tv going up against the promised land at the same time.
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there will be another voice. kicks starter has allowed us to do that. john: thank you. my charity and a charity sturdy that got the biggest film start -- story in
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[applause] john: many charities do good thing is to bring people together. one is called on their flight. >> when i was liberated by one -- i wore 70 days weighed 70 pounds. three of us survived. >> it took 60 years to build
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a memorial. >> and never got there will come home. >> he said i will be trong enough to make the role for two memorial. >> we fly veterans to see their memorial at no cost to them. >> what is on our flight? >> a national network, 117 of across the country made up entirely of volunteers just to give the road toward to veterans the best day of their life. they say next to the birth of my children and my wedding i had the best day. john: you fly them to washington d.c. because? >> the world war ii memorial was not built until 2004. of the last of the memorial's. 65 years later by that time
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the veterans are in their 80s or 90s and did not have the means financially are physically to make it. john: very few have seen it. >> amazingly many veterans have not flown since world war ii. honor flight completely raise as the money and wanted to thousand veterans have had a chance to see their memorial. >> it is to say o a veteran thank you even after 70 years we know what you did and to give someone that gift is amazing. john: you hear about this and you make a movie posted a reason dot com? >> my business partner posted the video on veterans day 2009.
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it bought 35,000 views but re e-mails than ever before to people say i am crying. this reminds me of my father or grandfather and what it means to be an american. we had to make a bigger move the. the next thinge knew we quit our jobs, restarted a company to make the film and ce you go on the flight you understand. we released the trailer we asked to get 50,000 by memorial day we got four 1/2 million three facebook. john: they go to washington they see the monument than a full day and then flown back calm review prepare a home coming? >> private time we land in milwaukee they are very tired.
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they know there will be a homecoming. they have no idea what it will be. you walk with them. in the distance you can hear the rumble. >> ♪ ♪ johnthis brings tears because your institution will end. >> it does have a finish line which it israre why so many people have rallied our
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goal is to have every veteran to their memorial before it is too late for ago when you have that concrete goal of it is easy to rally people. we tned away volunteers not to be ungrateful but there are not many nonprofits can say that. they come to the irport at 2:00 in the morning it is a long day but we cannot keep them away. john: and the volunteers pay $500? >> every veteran pays their own way -- every escort pays their way for the honor. >> every veteran dies every 90 seconds. >> bid you play the video? >> what about we do the premier at miller park? the milwaukee brewers.
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we filled the stadium 28,000 people and set a world record. certied as the biggest, audience. by "guinness book of world records." john: thank you. the best places i have found to spend my charity dollars. and your questions for our
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[applause] john: we are back with your questions. list of common people to help people tried to the smart. year and broke loose says make money do not let them guilty you out. and monday from honor flight. >> would it aligned with the ayn rand philosophy to donate to a charity that alliance with your own self-interest? >> aolutely. ayn rand gave to charity but gave to causes she believed in battle lines with their
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own self-interest and 57 doesn't everybody? >> no. you should get rid of them gilts. you don't deserve it. it is not in their se-interest when people are tilted into giving. >> you say the program comes to an end e tried to replicate with the future veterans of this country? >> absolutely. there arhonor flight of said have moved on to currey of veterans many come to the homecoming this and see their reactions and we hear we hope you do this for the younger dies someday. >> seeing advertisements on an tv that say text red
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cross. is it effectie should we us that four hurricane sandy? >> the red cross has a unique role with disaster recovery, they have to do with. they are chartered by congress. they have to show up. in most situatns they are the first responders. but for those to step back to say aot of people will help the red cross but what can i do? maybe in the second week when you see the pattern of what people really need. to fix up their houses or we need more meals for the elderly who could not get downstairs sometimes it could be thoughtful to wait.
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john: bill o'reilly always tries to get me to do was story. >> do was story of the scam charities. there are some but not many. some are less efficient but most do god things. >> there's a lot of discussion of trying to change the tax code to limit charitable conjured -- contributions. do you agree on that especially the man from the ayn rand institute. [laughter] >> no. i believe to the extent we have a tax cut it should be as simple as possible with no attempt to dictate what they think is the good use of the money. social policy should not be done through the tax code. john: and i agree.
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[applause] people would still give. >> i think that point* of view has a great deal of merit but i applaud respectfully say the charitable deduction is an important part of american life. we don't have giving because of the charitable deduction but because we've value that. it is an important mechanism to link communities and. john: th charity does not the deduction. >> is a signal of a set of values. john: from facebook. do think iis better to give time or money? >> is great to do both. john: pic one.
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>> i don't. [applause] i think the best wayo understand how way charitable organization works s to help achieve the mission is put to your time where your money is. john: people who give time self repeport that it brings self repeport that it brings more happine.
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wow. these are really good. you act surprised. aah! aah! practice makes perfect.
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announcer: yodon't have to be perfect to be a perfect parent. there are thousands of teens in foster care who don't need perfection, they need you. john: there are fourays to spend money said milton freedman. your own on yourself. you are the most careful. number two. your money on someone else. we do that at christmastime. it is less efficient because sometimes we buy the wrong stuff. it gives you that go. then number three. number four. spend somebody else's moy on someone else or other people's money on yourself. that is what politicians do. that is the least efficient way to spend.
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sense politicians spend other people's money, a charity is better. if you just hold on to your money they will squander it. of course, charities' squander money they give us guidance but it is not accurate i give to charities that i can see personally. i see how catholic charities educate kids and do a better job for less money. house said the -- city government left the park and dangerous mess and 12 private charity left it beautiful. also these ex-con max and they pick up the trash the government does not and after hurricane sandy there was a ton of cleanup. they helped out more than